Resolution 3640 - Awarding Sale of $1,300,000 Sewerage System Revenue BondsRESOLUTION NO. 3640
RESOLUTION RELATING TO $1,300,000 SEWERAGE
SYSTEM REVENUE BONDS, SERIES 1986; AWARDING
THE SALE THEREOF AND APPROVING CERTAIN MATTERS
WITH RESPECT THERETO
BE IT RESOLVED by the City Council of the City'of
Kalispell, Montana, as follows:
Section 1. Recitals; Terms and Conditions of Sale.
By Resolution No. 3637, adopted March 17, 1986, this Council
authorized the issuance and called for the public sale of
$1,300,000 Sewerage System Revenue Bonds, Series 1986 (the
Bonds), for the purpose of financing improvements to the
municipal sewerage system, including sanitary sewer and storm
sewer improvements. The Terms and Conditions of Sale for the
Bonds contained in such resolution differ in some respects from
the Terms and Conditions of Sale appearing in the Official
Statement and Notice of Sale relating -to the Bonds, prepared
on behalf of the City by Dain Bosworth Incorporated, its
financial consultant. This Council hereby ratifies and confirms
the Terms and Conditions of Sale appearing in the Official
Statement and adopts such terms and conditions as those governing
the sale of the Bonds.
Section 2. Award of Sale. The bid of D. A. Davidson.
& Company__ of Great Falls , Montana , and associates
(the Purchaser), attached as Exhibit A, to purchase the Bonds
is hereby determined to comply with the Terms and Conditions
of Sale, and to be the lowest, most reasonable bid for the
purchase of the Bonds, and permits the issuance of the Bonds
on a parity with the outstanding bonds of the City payable from
revenues of the municipal sewerage system. The bid of the
Purchaser is hereby accepted by the City and the sale of the
Bonds is hereby awarded to the Purchaser. The bid security
of the Purchaser shall be retained pending delivery of and
payment for the Bonds and the bid security of all other bidders
shall be promptly returned.
Section 3. Purchase Contract. The Mayor and City
Clerk are hereby authorized and directed to execute a purchase
contract with the Purchaser with respect to the Bonds in the
form approved by the City Attorney.
Section 4. Terms of Bonds. The Bonds shall mature,
bear interest, including additional interest, and be subject
to redemption in accordance with the terms and conditions set
forth in Exhibit A hereto and the Terms and Conditions of Sale
for the Bonds. Other terms and conditions of the Bonds and
provisions for the security thereof shall be established by
a supplemental resolution to be adopted by this Council.
Section 5. Effective Date. This resolution shall
be in full force and effect from and after its final passage
and approval according to law.
PASSED by the City Council of the City of Kalispell,
Montana, and approved by the Mayor of said City on this 7th•
day of April, 1986.
Mayor
I, the undersigned, City Clerk of the City of
ATTEST- Kalispell, certify that the foregoing is a true
copy of the Resolution passed by the City Council
of the City of Kalispell, Montana, at a regular
meeting held April 7, 1986.
City Clerk
City Clerk•of the City of Kalispell, Montana
(SEAL)